If I appeal for a lower tax rate and the county resets the amount to a lower rate, what happens after those three years are up? Would the assessment continue to be based on the lowered valuation or on what similarly listed places in the same area are being listed at?
Cook County re-assesses values for real estate tax purposes every three years, what happens in between that time won't affect your assessed values (unless you appeal them).
One of the best ways to reduce real estate taxes is to have an attorney appeal them.
I tried to explain more on this topic but my explanation exceeded the number of characters allowed in a response.
Jeff Nobleza - Baird & Warner